Trendfolge-Handelsansätze versuchen in bereits bestehende Kurstrends einzusteigen. Sie steigen wieder aus, sobald der Trend „bricht“. Weil es naturgemäß unmöglich ist, einen Trend zu erkennen, bevor er sich ausgebildet hat, nennt man Trendfolger oft auch „Trittbrettfahrer“. Sie nehmen es in Kauf, nicht die gesamte Bewegung mitzumachen, sondern nur einen Teil davon. Trendfolge hat nichts mit Techniken zu tun, die auf der versuchten Antizipation von Trends beruhen.

Trendfolge-Systeme wurden in der Managed Futures Szene durch erfolgreiche Trader wie Richard Dennis oder William Eckhardt bekannt. Durch die spektakuläre Geschichte eines Experiments in den frühen 1980er Jahren erlangte das Turtle-Trader-System weltweite Bekanntheit. Es wurde 1993 erstmals vollständig offengelegt und publiziert.

Quelle: Seite „Handelsstrategie“. In: Wikipedia, Die freie Enzyklopädie. Bearbeitungsstand: 14. Januar 2017, 22:44 UTC. URL: https://de.wikipedia.org/w/index.php?title=Handelsstrategie&oldid=161643356 (Abgerufen: 1. Januar 2018, 18:42 UTC)

Day trading is speculation in securities, specifically buying and selling financial instruments within the same trading day. Strictly, day trading is trading only within a day, such that all positions are closed before the market closes for the trading day. Many traders may not be so strict or may have day trading as one component of an overall strategy. Traders who participate in day trading are called day traders. Traders who trade in this capacity with the motive of profit are therefore speculators. The methods of quick trading contrast with the long-term trades underlying buy and hold and value investing strategies.

Some of the more commonly day-traded financial instruments are stocks, options, currencies, and a host of futures contracts such as equity index futures, interest rate futures, currency futures and commodity futures.

Day trading was once an activity that was exclusive to financial firms and professional speculators. Many day traders are bank or investment firm employees working as specialists in equity investment and fund management. However, with the advent of electronic trading and margin trading, day trading is available to private individuals.

Characteristics

Some day traders use an intra-day technique known as scalping that usually has the trader holding a position for a few minutes or even seconds.

Most day traders exit positions before the market closes to avoid unmanageable risks—negative price gaps between one day’s close and the next day’s price at the open. Another reason is to maximize day trading buying power.^[1] Other traders believe they should let the profits run, so it is acceptable to stay with a position after the market closes.^[2]

Day traders sometimes borrow money to trade. This is called margin trading. Since margin interests are typically only charged on overnight balances, the trader may pay no fees for the margin benefit, though still running the risk of a margin call. The margin interest rate is usually based on the broker’s call.

Profit and risks

Because of the nature of financial leverage and the rapid returns that are possible, day trading results can range from extremely profitable to extremely unprofitable, and high-risk profile traders can generate either huge percentage returns or huge percentage losses. Because of the high profits (and losses) that day trading makes possible, these traders are sometimes portrayed as “bandits” or “gamblers” by other investors.

Day trading is risky, especially if any of the following is present while trading:

• trading a loser’s game/system rather than a game that’s at least winnable,
• inadequate risk capital with the accompanying excess stress of having to “survive”,
• incompetent money management (i.e. executing trades poorly).^[3][4]

The common use of buying on margin (using borrowed funds) amplifies gains and losses, such that substantial losses or gains can occur in a very short period of time. In addition, brokers usually allow bigger margins for day traders. In the USA for example, while the overnight margins required to hold a stock position are normally 50% of the stock’s value, many brokers allow pattern day trader accounts to use levels as low as 25% for intraday purchases. This means a day trader with the legal minimum $25,000 in his or her account can buy $100,000 (4x leverage) worth of stock during the day, as long as half of those positions are exited before the market close. Because of the high risk of margin use, and of other day trading practices, a day trader will often have to exit a losing position very quickly, in order to prevent a greater, unacceptable loss, or even a disastrous loss, much larger than his or her original investment, or even larger than his or her total assets.

History

Originally, the most important U.S. stocks were traded on the New York Stock Exchange. A trader would contact a stockbroker, who would relay the order to a specialist on the floor of the NYSE. These specialists would each make markets in only a handful of stocks. The specialist would match the purchaser with another broker’s seller; write up physical tickets that, once processed, would effectively transfer the stock; and relay the information back to both brokers. Brokerage commissions were fixed at 1% of the amount of the trade, i.e. to purchase $10,000 worth of stock cost the buyer $100 in commissions and same 1% to sell. (Meaning that to profit trades had to make over 2 % to make any real gain.)

One of the first steps to make day trading of shares potentially profitable was the change in the commission scheme. In 1975, the United States Securities and Exchange Commission (SEC) made fixed commission rates illegal, giving rise to discount brokers offering much reduced commission rates.

Financial settlement

Financial settlement periods used to be much longer: Before the early 1990s at the London Stock Exchange, for example, stock could be paid for up to 10 working days after it was bought, allowing traders to buy (or sell) shares at the beginning of a settlement period only to sell (or buy) them before the end of the period hoping for a rise in price. This activity was identical to modern day trading, but for the longer duration of the settlement period. But today, to reduce market risk, the settlement period is typically two working days. Reducing the settlement period reduces the likelihood of default, but was impossible before the advent of electronic ownership transfer.

Electronic communication networks

The systems by which stocks are traded have also evolved, the second half of the twentieth century having seen the advent of electronic communication networks (ECNs). These are essentially large proprietary computer networks on which brokers could list a certain amount of securities to sell at a certain price (the asking price or “ask”) or offer to buy a certain amount of securities at a certain price (the “bid”).

ECNs and exchanges are usually known to traders by a three- or four-letter designators, which identify the ECN or exchange on Level II stock screens. The first of these was Instinet (or “inet”), which was founded in 1969 as a way for major institutions to bypass the increasingly cumbersome and expensive NYSE, also allowing them to trade during hours when the exchanges were closed. Early ECNs such as Instinet were very unfriendly to small investors, because they tended to give large institutions better prices than were available to the public. This resulted in a fragmented and sometimes illiquid market.

The next important step in facilitating day trading was the founding in 1971 of NASDAQ—a virtual stock exchange on which orders were transmitted electronically. Moving from paper share certificates and written share registers to “dematerialized” shares, computerized trading and registration required not only extensive changes to legislation but also the development of the necessary technology: online and real time systems rather than batch; electronic communications rather than the postal service, telex or the physical shipment of computer tapes, and the development of secure cryptographic algorithms.

These developments heralded the appearance of “market makers“: the NASDAQ equivalent of a NYSE specialist. A market maker has an inventory of stocks to buy and sell, and simultaneously offers to buy and sell the same stock. Obviously, it will offer to sell stock at a higher price than the price at which it offers to buy. This difference is known as the “spread”. The market maker is indifferent as to whether the stock goes up or down, it simply tries to constantly buy for less than it sells. A persistent trend in one direction will result in a loss for the market maker, but the strategy is overall positive (otherwise they would exit the business). Today there are about 500 firms who participate as market-makers on ECNs, each generally making a market in four to forty different stocks. Without any legal obligations, market-makers were free to offer smaller spreads on ECNs than on the NASDAQ. A small investor might have to pay a $0.25 spread (e.g. he might have to pay $10.50 to buy a share of stock but could only get $10.25 for selling it), while an institution would only pay a $0.05 spread (buying at $10.40 and selling at $10.35).

Technology bubble (1997–2000)

Following the 1987 stock market crash, the SEC adopted “Order Handling Rules” which required market-makers to publish their best bid and ask on the NASDAQ. Another reform made was the “Small Order Execution System“, or “SOES”, which required market makers to buy or sell, immediately, small orders (up to 1000 shares) at the market-makers listed bid or ask. The design of the system gave rise to arbitrage by a small group of traders known as the “SOES bandits”, who made sizable profits buying and selling small orders to market makers by anticipating price moves before they were reflected in the published inside bid/ask prices. The SOES system ultimately led to trading facilitated by software instead of market makers via electronic communications networks (“ECNs”).

In the late 1990s, existing ECNs began to offer their services to small investors. New brokerage firms which specialized in serving online traders who wanted to trade on the ECNs emerged. New ECNs also arose, most importantly Archipelago (“arca”) and Island (“isld”). Archipelago eventually became a stock exchange and in 2005 was purchased by the NYSE. (At this time, the NYSE has proposed merging Archipelago with itself, although some resistance has arisen from NYSE members.) Commissions plummeted. To give an extreme example (trading 1000 shares of Google), an online trader in 2005 might have bought $300,000 of stock at a commission of about $10, compared to the $3,000 commission the trader would have paid in 1974. Moreover, the trader was able in 2005 to buy the stock almost instantly and got it at a cheaper price.

ECNs are in constant flux. New ones are formed, while existing ones are bought or merged. As of the end of 2006, the most important ECNs to the individual trader were:

• Instinet (which bought Island in 2002),
• Archipelago (although technically it is now an exchange rather than an ECN),
• the Brass Utility (“brut”), and
• the SuperDot electronic system now used by the NYSE.

This combination of factors has made day trading in stocks and stock derivatives (such as ETFs) possible. The low commission rates allow an individual or small firm to make a large number of trades during a single day. The liquidity and small spreads provided by ECNs allow an individual to make near-instantaneous trades and to get favorable pricing. High-volume issues such as Intel or Microsoft generally have a spread of only $0.01, so the price only needs to move a few pennies for the trader to cover his commission costs and show a profit.

The ability for individuals to day trade coincided with the extreme bull market in technological issues from 1997 to early 2000, known as the Dot-com bubble. From 1997 to 2000, the NASDAQ rose from 1200 to 5000. Many naive investors with little market experience made huge profits buying these stocks in the morning and selling them in the afternoon, at 400% margin rates.

In March, 2000, this bubble burst, and a large number of less-experienced day traders began to lose money as fast, or faster, than they had made during the buying frenzy. The NASDAQ crashed from 5000 back to 1200; many of the less-experienced traders went broke, although obviously it was possible to have made a fortune during that time by shorting or playing on volatility.

In parallel to stock trading, starting at the end of the 1990s, a number of new Market Maker firms provide foreign exchange and derivative day trading through new electronic trading platforms. These allowed day traders to have instant access to decentralised markets such as forex and global markets through derivatives such as contracts for difference. Most of these firms were based in the UK and later in less restrictive jurisdiction, this was in part due to the regulations in the US prohibiting this type of over-the-counter trading. These firms typically provide trading on margin allowing day traders to take large position with relatively small capital, but with the associated increase in risk. Retail forex trading became a popular way to day trade due to its liquidity and the 24-hour nature of the market.

Techniques

The following are several basic strategies by which day traders attempt to make profits. Besides these, some day traders also use contrarian (reverse) strategies (more commonly seen in algorithmic trading) to trade specifically against irrational behavior from day traders using these approaches. It is important for a trader to remain flexible and adjust their techniques to match changing market conditions.^[5]

Some of these approaches require shorting stocks instead of buying them: the trader borrows stock from his broker and sells the borrowed stock, hoping that the price will fall and he will be able to purchase the shares at a lower price. There are several technical problems with short sales—the broker may not have shares to lend in a specific issue, the broker can call for the return of its shares at any time, and some restrictions are imposed in America by the U.S. Securities and Exchange Commission on short-selling (see uptick rule for details). Some of these restrictions (in particular the uptick rule) don’t apply to trades of stocks that are actually shares of an exchange-traded fund (ETF).

Trend following

Trend following, a strategy used in all trading time-frames, assumes that financial instruments which have been rising steadily will continue to rise, and vice versa with falling. The trend follower buys an instrument which has been rising, or short sells a falling one, in the expectation that the trend will continue.

Contrarian investing

Contrarian investing is a market timing strategy used in all trading time-frames. It assumes that financial instruments which have been rising steadily will reverse and start to fall, and vice versa. The contrarian trader buys an instrument which has been falling, or short-sells a rising one, in the expectation that the trend will change.

Range trading

Range trading, or range-bound trading, is a trading style in which stocks are watched that have either been rising off a support price or falling off a resistance price. That is, every time the stock hits a high, it falls back to the low, and vice versa. Such a stock is said to be “trading in a range”, which is the opposite of trending.^[6] The range trader therefore buys the stock at or near the low price, and sells (and possibly short sells) at the high. A related approach to range trading is looking for moves outside of an established range, called a breakout (price moves up) or a breakdown (price moves down), and assume that once the range has been broken prices will continue in that direction for some time.

Scalping

Scalping was originally referred to as spread trading. Scalping is a trading style where small price gaps created by the bid-ask spread are exploited by the speculator. It normally involves establishing and liquidating a position quickly, usually within minutes or even seconds.

Scalping highly liquid instruments for off-the-floor day traders involves taking quick profits while minimizing risk (loss exposure). It applies technical analysis concepts such as over/under-bought, support and resistance zones as well as trendline, trading channel to enter the market at key points and take quick profits from small moves. The basic idea of scalping is to exploit the inefficiency of the market when volatility increases and the trading range expands. Scalpers also use the “fade” technique. When stock values suddenly rise, they short sell securities that seem overvalued.^[7]

Rebate trading

Rebate trading is an equity trading style that uses ECN rebates as a primary source of profit and revenue. Most ECNs charge commissions to customers who want to have their orders filled immediately at the best prices available, but the ECNs pay commissions to buyers or sellers who “add liquidity” by placing limit orders that create “market-making” in a security. Rebate traders seek to make money from these rebates and will usually maximize their returns by trading low priced, high volume stocks. This enables them to trade more shares and contribute more liquidity with a set amount of capital, while limiting the risk that they will not be able to exit a position in the stock.

News playing

The basic strategy of news playing is to buy a stock which has just announced good news, or short sell on bad news. Such events provide enormous volatility in a stock and therefore the greatest chance for quick profits (or losses). Determining whether news is “good” or “bad” must be determined by the price action of the stock, because the market reaction may not match the tone of the news itself. This is because rumors or estimates of the event (like those issued by market and industry analysts) will already have been circulated before the official release, causing prices to move in anticipation. The price movement caused by the official news will therefore be determined by how good the news is relative to the market’s expectations, not how good it is in absolute terms.

Price action

Keeping things simple can also be an effective methodology when it comes to trading.^{[citation needed]} There are groups of traders known as price action traders who are a form of technical traders that rely on technical analysis but do not rely on conventional indicators to point them in the direction of a trade or not. These traders rely on a combination of price movement, chart patterns, volume, and other raw market data to gauge whether or not they should take a trade. This is seen as a “simplistic” and “minimalist” approach to trading but is not by any means easier than any other trading methodology. It requires a sound background in understanding how markets work and the core principles within a market, but the good thing about this type of methodology is it will work in virtually any market that exists (stocks, foreign exchange, futures, gold, oil, etc.).

Artificial intelligence

An estimated one third of stock trades in 2005 in United States were generated by automatic algorithms, or high-frequency trading. The increased use of algorithms and quantitative techniques has led to more competition and smaller profits.^[8]

Cost

Commission

Commissions for direct-access brokers are calculated based on volume. The more shares traded, the cheaper the commission. The average commission per trade is roughly $5 per round trip (getting in and out of a position). While a retail broker might charge $7 or more per trade regardless of the trade size, a typical direct-access broker may charge anywhere from $0.01 to $0.0002 per share traded (from $10 down to $.20 per 1000 shares), or $0.25 per futures contract. A scalper can cover such costs with even a minimal gain.

Spread

The numerical difference between the bid and ask prices is referred to as the bid-ask spread. Most worldwide markets operate on a bid-ask-based system.

The ask prices are immediate execution (market) prices for quick buyers (ask takers) while bid prices are for quick sellers (bid takers). If a trade is executed at quoted prices, closing the trade immediately without queuing would always cause a loss because the bid price is always less than the ask price at any point in time.

The bid-ask spread is two sides of the same coin. The spread can be viewed as trading bonuses or costs according to different parties and different strategies. On one hand, traders who do NOT wish to queue their order, instead paying the market price, pay the spreads (costs). On the other hand, traders who wish to queue and wait for execution receive the spreads (bonuses). Some day trading strategies attempt to capture the spread as additional, or even the only, profits for successful trades.

Market data

Market data is necessary for day traders, rather than using the delayed (by anything from 10 to 60 minutes, per exchange rules^[9]) market data that is available for free. A real-time data feed requires paying fees to the respective stock exchanges, usually combined with the broker’s charges; these fees are usually very low compared to the other costs of trading. The fees may be waived for promotional purposes or for customers meeting a minimum monthly volume of trades. Even a moderately active day trader can expect to meet these requirements, making the basic data feed essentially “free”.

In addition to the raw market data, some traders purchase more advanced data feeds that include historical data and features such as scanning large numbers of stocks in the live market for unusual activity. Complicated analysis and charting software are other popular additions. These types of systems can cost from tens to hundreds of dollars per month to access.

Regulations and restrictions

Day trading is considered a risky trading style, and regulations require brokerage firms to ask whether the clients understand the risks of day trading and whether they have prior trading experience before entering the market.

Pattern day trader

In addition, in the US the Financial Industry Regulatory Authority and SEC further restrict the entry by means of “pattern day trader” amendments. Pattern day trader is a term defined by the SEC to describe any trader who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period. A pattern day trader is subject to special rules, the main rule being that in order to engage in pattern day trading in a margin account, the trader must maintain an equity balance of at least $25,000. It is important to note that this requirement is only for day traders using a margin account.^{[citation needed]}

See also

• Direct access trading
• Extended hours trading
• Financial instrument
• Fundamental analysis
• Futures market
• Scalping
• Stock market
• Trader
• Price discovery

Notes and references

• “Day-Trading Margin Requirements: Know the Rules”. FINRA. Retrieved September 6, 2017.
• Sale, Robert (2001). Trading Strategies for Direct Access Trading: Making the Most Out of Your Capital
• “U.S. government warning about the dangers of day trading”.
• Gomez, Steve; Lindloff, Andy (2011). Change is the only Constant. IN: Lindzon, Howard; Pearlman, Philip; Ivanhoff, Ivaylo. The StockTwits Edge: 40 Actionable Trade Set-Ups from Real Market Pros. Wiley Trading. ISBN 978-1118029053.
• Gomez, Steve (October 2009). “Adapting To Change”. SFO Magazine (republished on Trader Planet, 2013). Retrieved 2013-10-17.
• “Trading Range”. Investopedia. Retrieved 2 October 2016.
• “Type of Day Trader”. DayTradeTheWorld. Retrieved 11 August 2014.
• Charles Duhigg. Artificial intelligence applied heavily to picking stocks – Business – International Herald Tribune. November 23, 2006.
• “Exchange Requirements for Delayed Market Data”

External links

• U.S. Securities and Exchange Commission on day trading

Source: Day trading, https://en.wikipedia.org/w/index.php?title=Day_trading&oldid=806981575 (last visited Jan. 1, 2018).

Geschichte

Die Ursprünge des Daytrading hängen eng mit der Entwicklung des computerisierten Börsenhandels zusammen, der 1971 an der New Yorker NASDAQ-Börse begann. Ein Kleinordersystem förderte 1985 erneut die Möglichkeit des Daytradings.

In den USA ist Daytrading seit 1996 für Privatanleger erlaubt. Es hat sich mittlerweile zu einem Wachstumssegment des Börsenhandels entwickelt. Im Jahr 2000 erreichte der Handel mit privaten Daytradern bereits rund 15 % der täglichen Aktiengeschäfte an der NASDAQ.^[2]

Rechtslage in Deutschland

Das seit November 2007 geltende Recht hat die Derivate im Wertpapierrecht um bloße „finanzielle Differenzgeschäfte“ (§ 2 Abs. 2 Nr. 3 WpHG) erweitert, sodass auch taggleiche Geschäfte erfasst werden. Deshalb greifen nunmehr auch die Schutzwirkungen für Finanztermingeschäfte aus § 37e WpHG und es gelten die gleichen Schadensregelungen wie bei anderen Finanztermingeschäften.

Aufklärungspflicht

Die Verhaltensregeln für Wertpapierdienstleistungsunternehmen werden in §§ 31 – 37a WpHG (Verhaltenspflichten, Organisationspflichten, Transparenzpflichten) beschrieben.^[3] Eine „Richtlinie zur Konkretisierung der § 31 und § 32 WpHG“, die Aufklärungspflichten von Finanzdienstleistern gegenüber Daytrading-Kunden konkreter beschrieb und vorsah, dass Dienstleister über die Risiken des Daytrading aufklären und sicherstellen müssen, dass Kunden über die notwendigen Kenntnisse zur Durchführung solcher Geschäfte verfügen, wurde am 23. Oktober 2007 von der BaFin aufgehoben.^[4]

Risiken

Die Risiken beim taggleichen Kaufen und Verkaufen von Wertpapieren sind grundsätzlich dieselben wie bei jedem anderen Zeithorizont. Die Wertschwankungen innerhalb eines Tages sind jedoch wesentlich geringer als über einen längeren Betrachtungszeitraum. Um überhaupt profitabel sein zu können, müssen Positionen deswegen oftmals kreditfinanziert bzw. gehebelt werden, wodurch gleichzeitig auch die Höhe des potentiellen Verlustes steigt.

Ein weiterer kritischer Faktor beim kurzfristigen Handel ist die Reaktionszeit, sowohl die menschliche als auch die technische (Übertragungs- und Verarbeitungszeiten). Aus diesem Grund sind die Server der Hochfrequenzhandelssysteme nahe dem Börsenplatz untergebracht.

Nach einer US-Studie erleiden dabei 70 % der Privatanleger beim Daytrading Verluste.^[5] Das bestätigte eine Studie aus dem Jahr 2000 von der North American Securities Administrators Association, die dem Magazin Forbes zufolge herausfand, dass „77 % der Daytrader Verluste machen. Der durchschnittliche Gewinn bei den übrigen betrug $ 22.000 im Zeitraum von acht Monaten. Von den 124 überwachten Konten hatten lediglich zwei Personen mehr als $ 100.000 Gewinn erzielt.“^[6]

Einzelnachweise

• Gabler Kompakt-Lexikon Bank und Börse: Stichwort ‘Day trading’
• Focus-Money 48/2000, S. 156
• Wertpapierhandelsgesetz: § 31 Allgemeine Verhaltensregeln, abgerufen am 29. Juni 2015.
• BaFin: Aufhebung der Wohlverhaltensrichtlinie, der Compliance-Richtlinie und der Mitarbeiterleitsätze, abgerufen am 29. Juni 2015.
• Die Bank 1999, S. 732
• Forbes-Magazin vom 12. Juni 2000, Day Trading Eldorado

Quelle: Seite „Daytrading“. In: Wikipedia, Die freie Enzyklopädie. Bearbeitungsstand: 28. Oktober 2017, 16:22 UTC. URL: https://de.wikipedia.org/w/index.php?title=Daytrading&oldid=170418918 (Abgerufen: 1. Januar 2018, 16:40 UTC)

A day trader is a trader who adheres to a trading style called day trading. This involves buying and subsequently selling financial instruments (e.g. stocks, options, futures, derivatives, currencies) within the same trading day, such that all positions will usually be closed before the market close of the trading day. Depending on one’s trading strategy, trades may range from several to hundreds of orders a day.

Types

There are two types of day traders: institutional and retail. Both institutional and retail day traders are described as speculators, as opposed to investors.

Institutional day traders work for financial institutions and have certain advantages over retail traders due to their access to more resources, tools, equipment, large amounts of capital and leverage, large availability of fresh fund inflows to trade continuously on the markets, dedicated and direct lines to data centers and exchanges, expensive and high-end trading and analytical software, support teams to help and more. These advantages give them certain edges over retail day traders.^[1]

Retail day traders use retail brokerages and generally trade with their own capital.^[2]

Auto traders use of computer programs and other tools to enter trading orders automatically. Because this all happens with the help of the computer algorithm, it is also called algorithmic trading.^[3]

Pros and cons

Day traders’ objective is to make profits by taking advantage of price movements in highly liquid stocks or indexes. According to Adam Leitzes and Josh Solan (Bulls, Bears and Brains: Investing With the Best and Brightest of the Financial Internet), the more volatile the market, the more favorable the conditions for the day trader, regardless of the longer-term direction in the market. Unlike some fund managers and investors who hold positions over longer periods of time and are averse to selling equities short, the day trader is not committed to a position and can adapt to whatever condition the market is in, at any given moment.^[4]

A day trader who wants to achieve success needs appropriate knowledge, equipment, tools and markets together with the ability to trade the right electronic trading platform. A day trader with the right information might be able to succeed, otherwise, success will go to the other person in the transaction or to the broker, if he happens to be the best informed person in the transaction.

Also, a successful day trader needs to know which stocks to trade, when to enter the trade, and when to get out of the trade. Part of this knowledge is to find those stocks with liquidity and volatility, in order to generate profits.^[5]

Markets for day traders

There are many different markets for day trading, including futures, forex, stocks, options and etf’s^[6]. Because of the short time horizon, day traders will look at the market with a different perspective than a long term trader but both types of traders can trade in the same markets.

Previously seen as a niche market, or something for institutional speculators, the foreign exchange market (forex) by 2010 had increased exponentially to an average daily volume of about $4 trillion USD worldwide,^[7] with spot retail forex trades accounting for an estimated 10% of that volume.

Possible reasons for the surge in retail forex trading include the now high margin requirements in individual U.S. equities (stocks) for day traders imposed after 2001,^[8] and apparent overt manipulation of commodities markets by banks,^[9] making commodity futures markets a less desirable market in which to participate. However exchange-traded funds (ETFs) have gained rapidly in popularity, being seen as a less expensive way to trade all futures markets as well as some more exotic markets not otherwise available to retail day traders.

The amount of margin required by most retail forex brokers in contrast is negligible. With full size lots (100,000 units of currency), mini-lots (10,000) and even micro-lots (1,000) all with up to as much as 1000:1 leverage being available (although not in the US where the maximum is now 50:1 after a ruling by the CFTC^[10]), means a retail day trader could in theory trade a single micro-lot of USD for the cost of $20. Realistically most brokers require a minimum deposit of $500. The sheer volume of the forex market makes it a difficult one to manipulate in any meaningful way, even with the money available to large proprietary and institutional trading interests.

See also

Wikibooks has a book on the topic of: trading

• Day trading
• Direct access trading
• Paper trading
• Pattern day trader
• Price action trading
• Scalping

References

• Davis, E. Philip; Steil, Benn (2001). “Part IV: Institutional Trading”. Institutional Investors. United States of America: MIT Press. p. 378. ISBN 0-262-04192-8. Retrieved 26 March 2012.
• “Retail Investor”. Investopedia. IAC. Retrieved 29 June 2016.
• “Automated Trading and What an Auto Trader does”. Archived from the original on July 23, 2010. Retrieved June 1, 2010.
• Leitzes, Adam; Solan, Josh (6 December 2000). “How Day Traders Survive”. Forbes.com. Retrieved 26 March 2012.
• “Day Trading Strategies For Beginners”. Retrieved June 1, 2010.
• Sarah., Potter,. How you can trade like a pro : breaking into options, futures, stocks, and ETFs. ISBN 9780071825498. OCLC 857402109.
• Daily forex trading hits $4 trillion a day
• “Day Trading Margin Requirements: Know the Rules”. FINRA.org.
• Gray, Michael (11 April 2010). “Metal$ are in the pits”. New York Post.
• Gary, R. David (2010-08-30). “CFTC Releases Final Rules Regarding Retail Forex Transactions”. CFTC.gov. Washington, D.C.: Commodity Futures Trading Commission. Retrieved 2016-04-26.

From Wikipedia, the free encyclopedia

Financial markets
Public market Exchange · Securities
Bond market
Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization
Stock market
Common stock Preferred stock Registered share Stock Stock certificate Stock exchange
Other markets
Derivatives (Credit derivative Futures exchange Hybrid security) Foreign exchange (Currency Exchange rate) Commodity Money Real estate Reinsurance
Over-the-counter (off-exchange)
Forwards Options Spot market Swaps
Trading
Participants Regulation Clearing
Related areas
Banks and banking Finance corporate personal public

A trader is person or entity, in finance, who buys and sells financial instruments such as stocks, bonds, commodities, derivatives, and mutual funds in the capacity of agent, hedger, arbitrageur, or speculator.

Duties and types

Traders are either professionals (institutional) working in a financial institution or a corporation. They buy and sell financial instruments traded in the stock markets, derivatives markets and commodity markets, comprising the stock exchanges, derivatives exchanges and the commodities exchanges. Several categories and designations for diverse kinds of traders are found in finance, these may include:

• Day trader
• Floor trader
• High-frequency trader
• Pattern day trader
• Rogue trader
• Stock trader

See also

• Commodities exchange
• Commodity market
• Derivatives market
• List of commodity traders
• List of trading losses
• Stock exchange
• Stock market
• Trading strategy

References

Compare Traders

Source: Trader (finance), https://en.wikipedia.org/w/index.php?title=Trader_(finance)&oldid=812797658 (last visited Jan. 1, 2018).

Mit dem englischen Wort Trader wird ein Wertpapierhändler bezeichnet, also eine Person, die an Finanzmärkten handelt.^[1] Hierbei wird zwischen privaten und institutionellen Händlern unterschieden. Private Händler (englisch „retail traders“) handeln in der Regel als Privatleute für eigene Rechnung. Institutionelle Händler (auch „professionelle Händler“, englisch „institutional traders“) handeln häufig im Auftrag für Banken, Fonds und Versicherungen. Institutionelle Händler haben meist Zugriff auf mehr Märkte und Strategien als private Händler.^[2]

Private Händler

Wenn von einer „Trader-Szene“ gesprochen wird, sind hauptsächlich besonders aktive private Händler gemeint, insbesondere Berufstrader, die versuchen, ihr Einkommen mit der Handelstätigkeit zu bestreiten. Die Trader-Szene in Deutschland kann als eher klein eingestuft werden. Laut Untersuchungen des CFD-Verbands gibt es derzeit in Deutschland nur 140.000 Trading-Konten für Differenzkontrakte (CFD) und Devisen, wobei viele dieser Konten auch Zweit- oder Drittkonten sind. Demnach wird geschätzt, dass es etwa 50.000–60.000 aktive Trader in Deutschland geben könnte.^[3]

Trader treffen sich meist auf den großen Branchen-Veranstaltungen wie der „World of Trading“ in Frankfurt oder der Invest in Stuttgart. Des Weiteren gibt es eine Reihe von Trading-Foren und spezialisierten Trading-Webseiten.^[4] Auch Online-Seminare werden zunehmend angeboten.^[5]

Laut Handelsblatt ist in Deutschland die Tätigkeit des „Tradens“ unter gewöhnlichen Anlegern eher verpönt. Viele stellen sich Trader als einsame Zocker vor, die vor dem Computer ständig Geschäfte tätigen. Viele sehen sich jedoch als „ernsthafte“ Trader, deren Ziel nicht der schnelle Gewinn, sondern ein kontinuierlicher Vermögensaufbau ist.^[6]

Der Berufstrader Thomas Vittner^[7] empfiehlt ein Mindest-Startkapital von 500.000 Euro. Erfolgreiche Trader handeln auch durchaus im Team. Manche bauen sich ein zweites Standbein auf und halten zum Beispiel Seminare darüber, wie man erfolgreich handelt.^[8]

Malte Kaub vom Traders’ Leadership Council aus London, einem Unternehmen, das Expertenwissen an private CFD-Händler vermittelt, sagt über Besucher der Anlegermesse World of Trading^[9]: „Viele der Besucher sind sich der Risiken nicht bewusst, sie springen einfach rein“. Eine Umfrage in den USA ergab, dass 70 % der Depots von Tradern nicht profitabel sind. Allerdings glauben die meisten Trader und Trading-Interessierten auf der Anlegermesse World of Trading in Stuttgart, dass ihr Depot zu den profitablen 30 % gehört.

Längst nicht jedes Einzelgeschäft bringt Gewinn, auch bei Profis nicht. Verlustgeschäfte – so genannte Mistrades – gehören zum Alltag eines Traders.^[10] Je nach Systematik sind 40–60 % Gewinnrate üblich, wobei dies allein nichts über den absoluten Erfolg aussagt.

Michael Voigt, Autor des Buches Das große Buch der Markttechnik, sagt hierzu: „Ein fachlich sauberer Mistrade – also ein Trade bei dem man einen Verlust macht – ist mir aber lieber als ein unsauberer Plustrade, denn dabei beruht der Erfolg allein auf Glück – und das lässt sich schwer reproduzieren.“ Er rät Tradern weiterhin: „Werfen Sie Ihr Regelwerk nicht gleich über den Haufen, nur weil sie ein paar Mistrades hatten; sondern beachten Sie stattdessen immer ein gutes Geldmanagement.“^[11]

Siehe auch

• Daytrading
• Broker
• Börsenmakler

Einzelnachweise

• Trader – Definition im Gabler Wirtschaftslexikon
• Investopedia.com – What is the Difference Between Institutional Traders and Retail Traders?
• Cfdverband.org – Die Steinbeis CFD-Studie
• Termintrader.com/Forum – Austausch im Termintrader Forum
• Citrix.de – Online Seminare
• Handelsblatt.de – Das sind doch alles Zocker, oder?
• http://www.vittnerpartner.com/
• Handelsblatt.de – Unter 500.000 Euro wird es schwierig
• https://www.wot-messe.de/
• Handelsblatt.de – Viele Trader wissen nicht, wie Kurse entstehen
• Handelsblatt.de – Nicht jeder Tag bedeutet eine gute Gelegenheit zum Traden

Quelle: Seite „Trader“. In: Wikipedia, Die freie Enzyklopädie. Bearbeitungsstand: 16. Oktober 2017, 12:32 UTC. URL: https://de.wikipedia.org/w/index.php?title=Trader&oldid=170045373 (Abgerufen: 1. Januar 2018, 16:31 UTC)

• Anlagevermittlung
• Effekten
• Informationsbroker
• Objekt-Broker

Weblinks

• Redezeit mit Volker Handon: Die Glätte des Börsenparketts. WDR5. 17. August 2015.: „Das Börsengeschäft sei ein “psychologisches Kampfspiel” gegen eine dunkle Macht, weil der Markt vollkommen anonym sei, sagt Volker Handon. Er muss es wissen, denn er ist seit 1997 als selbständiger Day-Trader an den internationalen Finanzterminbörsen tätig.“

Einzelnachweise

• Deutsche Börse Börsenlexikon: Broker. Abgerufen am 1. Juni 2012.
• Comdirect Börsenlexikon. Abgerufen am 23. Oktober 2011.
• Brokerage, die. In: Duden, abgerufen am 29. Juli 2015.

Quelle: Seite „Broker“. In: Wikipedia, Die freie Enzyklopädie. Bearbeitungsstand: 19. Oktober 2017, 17:09 UTC. URL: https://de.wikipedia.org/w/index.php?title=Broker&oldid=170134962 (Abgerufen: 1. Januar 2018, 16:23 UTC)